The Lede
Top National News
Big Banks Abusing 2012 Settlement Deal
Politico, Sept. 28, 2015--Prior, Jon
Interviews with more than 20 housing counselors, Legal Aid lawyers and government prosecutors in states hard hit by the real estate crisis that followed the 2007 financial meltdown reveal that the nation's top lenders are violating the settlement and rules put in place last year by the Consumer Financial Protection Bureau.
Full Story
Fed’s Dudley: Still Likely on Track for 2015 Rate Rise
Wall Street Journal, Sept. 25, 2015--Derby, Michael S.; Hilsenrath, Jon
Federal Reserve Bank of New York President William Dudley said Monday he continues to believe the U.S. central bank will be able to boost borrowing costs this year, saying the decision will be driven by a broad array of considerations.
Full Story
YoY Prices Up and Delinquencies Down, Yet Affordability Remains Problematic
National Mortgage Professional, Sept. 28, 2015--Hall, Phil
New data reports finds a housing market where home prices and loan delinquencies are quite different from a year ago, but the persistent question of affordability options is being challenged in a new study that calls for more so-called "inclusionary housing" in new real estate developments.
Full Story
Housing is a Silver Lining to Recovering Economy
Origination News, Sept. 28, 2015--Clozel, Lalita
In this slowing economic recovery, the housing market is showing signs of resilience but still faces long-term challenges, according to a report from Stifel Nicolaus & Co.
Full Story
Brooklyn Overtakes Manhattan as Hottest Rental Market in NYC
HousingWire, Sept. 28, 2015--Swanson, Brena
Brooklyn's housing market is on fire, with rentals spending a median of 18 days on the market in August, a record low for the year, StreetEasy's August market reports for Manhattan and Brooklyn said.
Full Story
The Cities Where Millennials Are Taking Over the Housing Market
Bloomberg, Sept. 28, 2015--Clark, Patrick
Millennials are dominating the Des Moines housing market. That's an odd piece of information that seems a little less odd-and a little more important-the longer you ponder it.
Full Story
Congress Begins Advancing Spending Bill with Deadline Looming
Reuters, Sept. 29, 2015--Cowan, Richard
Congress is poised to rush legislation to President Barack Obama this week that would inject fresh funds to federal agencies, avoiding a government shutdown on Thursday with the start of a new fiscal year.
Full Story
U.S. Consumer Spending Rises; Core Inflation Firms Slightly
Reuters, Sept. 28, 2015--Lange, Jason
U.S. consumer spending grew briskly in August and a key measure of inflation firmed a bit, signs of strength in America's domestic economy that could lead the Federal Reserve to tighten interest rates despite weakness abroad.
Full Story
Single-Family Homes Can Help Address the Affordable Rental-Housing Crisis
Urban Institute, Sept. 28, 2015--Magder, Dan; Goodman, Laurie
Nineteen million families in the United States currently pay more than half their income in rent. A predicted 13 million families will become renters over the next 20 years while the supply of affordable housing is shrinking.
Full Story
MBA’s Stevens: The CFPB’s Complaint Database is Unreliable
HousingWire, Sept. 28, 2015--Garrison, Trey
MBA President and CEO David Stevens says the Consumer Financial Protection Bureau's complaint database foments disinformation and has failed to take steps to correct these issues.
Full Story
As Banks Retreat, Private Equity Rushes to Buy Troubled Home Mortgages
New York Times, Sept. 28, 2015--Goldstein, Matthew
Private equity and hedge fund firms have bought more than 100,000 troubled mortgages at a discount from banks and federal housing agencies, emerging as aggressive liquidators for the remains of the mortgage crisis that erupted nearly a decade ago.
Full Story
JPMorgan Leads Big Banks Out the Door of FHA
National Mortgage News, Sept. 28, 2015--Berry, Kate
JPMorgan Chase has nearly stopped making home loans insured by the Federal Housing Administration. Most large banks have curtailed FHA-backed loans in the past two years because of concerns about credit and legal risks.
Full Story
Residential Finance News
Commercial/Multifamily News
MBA News
MBA Mortgage Action Alliance Quarterly Advocacy Update Oct. 1
The Mortgage Action Alliance, the grassroots advocacy arm of the Mortgage Bankers Association, will hold a Quarterly Advocacy Update Webinar on Thursday, Oct. 1 from 2:00-3:00 p.m. ET.
Full Story